Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction. The lease for four of its existing iron ore mines -- Joda East, Noamundi, Katamati, and Khondbond -- that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations. The year will also coincide with Tata Steel's ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore. The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.
Armed with sticks, they set ablaze thatched structures near a fishing yard in Belmajur area of Sandeshkhali, venting their fury against the elusive TMC leader Shahjahan Sheikh and his brother Siraj. The torched structure, it was revealed, belonged to Siraj.
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
Union Agriculture and Farmer Welfare Minister Munda, Commerce and Industry Minister Piyush Goyal and Minister of State for Home Affairs Nityanand Rai represented the Centre at the meeting over the farmer unions' various demands, including a law guaranteeing a minimum support price (MSP) for crops. Punjab Chief Minister Bhagwant Mann also joined the meeting at the Mahatma Gandhi State Institute of Public Administration in Sector 26. The meeting started at around 8:45 pm on Thursday and lasted for around five hours.
Walt Disney Co and Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth. Reliance and its affiliates will hold 63.16 per cent in the combined entity while Disney will hold the remaining 36.84 per cent, the companies said in a statement.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Infosys, the country's second largest IT services firm, is open to 'bigger scale' mergers and acquisitions but with a caveat, it is not interested in "yesterdays" companies.
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
Mohit Burman, the youngest among the newly appointed corporate heads among Dabur businesses, is known to have a penchant for acquisitions.
Farmers too will get better deals
The government's acquisition of land for projects has been facing protests across the country, the violence in Uttar Pradesh being only the latest. As people's power collides with public projects, MR Madhavan explains what land acquisition is all about
Net foreign direct investment (FDI) in India, inflows minus outflows, declined sharply in April-August this year to $2.99 billion from $18.03 billion in the same period last year on moderation in global activities and a rise in repatriation. The Reserve Bank of India's data (October 2023 bulletin) said FDI in India was $7.28 billion and FDI by India, that is money invested abroad from the country, was $4.28 billion in April-August 2023. As for 2022, FDI in India was $22.79 billion and FDI by India was $4.76 billion in April-August.
State-run Oil India Ltd, which got listed on the bourses on Wednesday, is looking at acquisition of assets or companies in Australia, South-East Asia, Africa, Russia and Latin America.
An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
The ICICI Prudential Life Insurance Company's net premium income in the third quarter (October - December) of the current financial year (Q3FY24) swelled by 4.9 per cent year-on-year (Y-o-Y) to touch Rs 9,929 crore. Income from investment rose 111.3 per cent Y-o-Y to touch Rs 16,315 crore. The Annual premium equivalent (APE), and new business premium (NBP) increased by 4.8 per cent Y-o-Y. Both declined 7.5 per cent and 5.6 per cent respectively, quarter-on-quarter (Q-o-Q).
After a gap of nine months, the Orissa government on Wednesday resumed land acquisition work for the Rs 52,000-crore (Rs 520-billion) Posco steel plant, amidst tight security even as those opposed to the project started thronging the area.
The Land Acquisition Bill, passed by Parliament during the Monsoon Session to replace a 119-year-old legislation, became a law with President Pranab Mukherjee giving assent to it on.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
A 21-year-old farmer was killed and a few others injured following a clash between security personnel and protesting farmers at Khanauri on the Punjab-Haryana border.
This follows the MoEF's final nod for diversion of 1,253 hectares of forest land for the project last Monday.
Land laws in India need not be archaic, say experts.
The land acquisition work will start in a peaceful manner," Steel and Mines Minister Raghunath Mohanty told reporters adding the land acquisition work had been halted for nine months due to a 'stop work' order from the Ministry of Environment and Forest.
Fortis Healthcare on Thursday said it has inked a pact with the VPS Group to acquire Manesar-based Medeor Hospital for Rs 225 crore. The healthcare major said it has signed definitive agreements to acquire Medeor Hospital for an overall purchase consideration of Rs 225 crore. The hospital has a potential capacity of 350 beds and can be operationalised in a phased manner in around nine months, it added.
The battle for Champions League qualification continues with fourth-placed Aston Villa away to Luton Town on Saturday and Tottenham Hotspur, who are five points behind with a game in hand, hosting Crystal Palace.
Eyes bank, brokerages, and asset management businesses.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote.
Need for consent of affected families and social-impact assessment could go.
Union Railway Minister Mamata Banerjee on Monday said that Trinamool Congress was totally against forcible acquisition of land for industrial purposes and the choice of giving up land should be left to the people. "We are against forcible acquisition of land. Our party fought in Singur and Nandigram against land acquisition. If the people agree to give land, it is their decision," Banerjee said.
10 costliest buys that stirred the cash-rich league.
"Mr Robert Vadra not only renovated the aforesaid property at 12 Bryanston Square, London through Sumit Chadha but also stayed in the same," it said.
'The deal pipeline across products is robust for 2024.'
A picture has been created that present government is anti-farmer, which is absolutely wrong, says BJP MP Bhupender Yadav.
Farmers leaders taking part in the 'Delhi Chalo' agitation on Monday rejected the Centre's proposal of procuring pulses, maize and cotton at MSP by government agencies for five years, saying it was not in farmers' interest and announced that they will march towards the national capital on Wednesday.
State Bank of India is open to overseas acquisitions in case there is synergy in businesses.
The state-run Oil India Ltd has raised a war chest $1.5 to 2 billion and is eying acquisition of small to medium sized oil producing companies overseas.
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